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02 ManageMent report overview 5 BUSineSS anD overaLL ConDitionS 6 BUSineSS perForManCe 17 FinanCiaL SitUation 18 StrategY 20 SUStainaBiLitY 24 teCHnoLogY anD proCUreMent 26 aDDitionaL inForMation 28 riSK report 29 ManageMent BoarD report on reLationSHipS witH aFFiLiateD CoMpanieS 34 eventS aFter tHe BaLanCe SHeet Date 34 oUtLooK 35
| mANAGEmENT rEPOrT overview a Positive effects from the world economy’s noticeable recovery during the 2010 financial year a Operating development of DB Group positive again a Absence of special items noted in previous year burden development of income Both Deutsche Bahn AG (DB AG) and DB mobility Logistics AG (DB mL AG) – a fully owned subsidiary of DB AG – function as management holding companies within the Group structure of Deutsche Bahn Group (DB Group). Following the successful restructuring that took place in the year 2008, DB AG directly manages the DB Netze Track, DB Netze Energy and DB Netze Stations business units. The remaining six business units are bundled together in the DB mobility Logistics sub-group under the management of DB mL AG. Very tight coordination between the management Boards of DB AG and DB mL AG is assured by the fact that the same persons serve on both boards in cross- Group divisions. The business units are responsible for the conduct of business operations. The structure is rounded out by central Group and service functions. DB AG’s business development is primarily driven by the development of DB Group. During the year under review, DB Group was once again able to achieve significant volume increases in all of the relevant markets, which allowed it to continue the growth trend that was interrupted in the previous year due to the economic and financial crisis. The development of profits was positive overall in the year under review, though somewhat lessened by the restricted vehicle availability, the unusual weather conditions and the significantly higher maintenance costs for vehicles and infrastructure. Although the DB Group posted overall higher revenues and better adjusted results from operations in comparison to the previous year, DB AG did not fully participate in the favorable development noted for DB Group. This was due, in particular, to the absence of special items in the year under review at DB AG and its subsidiary, DB Netz AG. Due to this, the result from ordinary activities fell notably. 5
Page 1 and 2: Deutsche Bahn AG 2010 Management Re
Page 3 and 4: 01 02 03 04 CONTENTS Group structur
Page 5: | chairMan’s letter Chairman’s
Page 9 and 10: | mANAGEmENT rEPOrT BUSineSS enviro
Page 11 and 12: | mANAGEmENT rEPOrT monetary Fund (
Page 13 and 14: | mANAGEmENT rEPOrT implementation
Page 15 and 16: | mANAGEmENT rEPOrT had a favorable
Page 17 and 18: | mANAGEmENT rEPOrT Due to the targ
Page 19 and 20: | mANAGEmENT rEPOrT Business perfor
Page 21 and 22: | mANAGEmENT rEPOrT BaLanCe SHeet B
Page 23 and 24: | mANAGEmENT rEPOrT Deregulation Th
Page 25 and 26: | mANAGEmENT rEPOrT In addition to
Page 27 and 28: | mANAGEmENT rEPOrT This focus help
Page 29 and 30: | mANAGEmENT rEPOrT Testing and app
Page 31 and 32: | mANAGEmENT rEPOrT risk report a I
Page 33 and 34: | mANAGEmENT rEPOrT Operating risks
Page 35 and 36: | mANAGEmENT rEPOrT Regulatory and
Page 37 and 38: | mANAGEmENT rEPOrT outlook a Econo
Page 39 and 40: | mANAGEmENT rEPOrT antiCipateD Dev
Page 41 and 42: | mANAGEmENT rEPOrT antiCipateD Dev
Page 43 and 44: 03 annual financial statements audi
Page 45 and 46: | ANNUAl FINANCIAl STATEmENTS Balan
Page 47 and 48: | ANNUAl FINANCIAl STATEmENTS state
Page 49 and 50: | Balance at Jan 1, 2010 ANNUAl FIN
Page 51 and 52: | ANNUAl FINANCIAl STATEmENTS At DB
Page 53 and 54: | ANNUAl FINANCIAl STATEmENTS (4) R
Page 55 and 56: | ANNUAl FINANCIAl STATEmENTS A sum
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| ANNUAl FINANCIAl STATEmENTS NOmIN
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| ANNUAl FINANCIAl STATEmENTS (17)
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| ANNUAl FINANCIAl STATEmENTS mANAg
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| ANNUAl FINANCIAl STATEmENTS a geo
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| ANNUAl FINANCIAl STATEmENTS a dr.
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| ANNUAl FINANCIAl STATEmENTS subsi
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| RepoRt of the SupeRviSoRy BoaRd R
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PROFESSOR DR. DR. UTz-HEllMUTH FElC
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iMprint concePT, ediTing Deutsche b
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